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Thread: Top bid for Punggol EC site beats expectations

  1. #1
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    Default Top bid for Punggol EC site beats expectations

    http://www.businesstimes.com.sg/prem...tions-20121207

    Published December 07, 2012

    Top bid for Punggol EC site beats expectations

    Record $350.87 psf ppr bid by Sing Hldgs is 8% higher than nearest offer

    By zeinab yusuf saiwalla


    PUNGGOL'S latest executive condominium (EC) site drew a record bid of $350.87 per square foot per plot ratio (psf ppr) or $162.1 million for EC developments in the area.

    Submitted by Sing Holdings Ltd, the top bid exceeded market expectations and it was also about $13.18 million or 8 per cent higher than the second highest offer of $322.34 psf ppr from JBE Holdings.

    The site, located at the junction of Punggol Field Walk and Punggol East, received a total of seven bids from seasoned developers including Frasers Centrepoint unit FCL Place Pte Ltd ($311.14 psf ppr) and Chip Eng Seng's CEL Property ($300.44 psf ppr).

    Property consultants BT spoke to were surprised at the high bids offered for the site considering it is located away from Punggol MRT station and the town centre.

    In earlier transactions this year, an EC site at Punggol Way/Punggol Walk had fetched $314 psf ppr while the Waterbay EC site fetched $320 psf ppr.

    Both these sites are about 700 to 800 metres from Punggol MRT station and the town centre, while yesterday's site is more than two kilometres away, notwithstanding the availability of LRT links.

    According to Ong Teck Hui, Jones Lang LaSalle's national director, research and consultancy, this better than expected results could be due to a general upbeat sentiment among developers. "Optimism in the EC sales market has led to increased interest in EC sites among developers and a willingness to bid more enthusiastically for them."

    Lee Sze Hao, chief executive officer of Sing Holdings, for whom this will be his first EC project, believes that the site's location next to the Punggol Reservoir is a distinctive quality that deserved such a bid.

    "We do not tender all the time but when we choose to tender, the site must have attributes which are differentiating and in this case it is the unique waterfront living concept," said Mr Lee.

    The 99-year leasehold site, which sits on 153,999 sq ft of land and had a maximum gross floor area of about 461,997 sq ft, is expected to yield 435 units. According to Mr Lee, Sing Holdings plans to develop six blocks of 17-storey buildings, complete with full condominium facilities.

  2. #2
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    Default Record bid for Punggol EC site

    http://www.straitstimes.com/premium/...-site-20121207

    Record bid for Punggol EC site

    Top offer of $351 psf ppr indicates EC land prices are trending up, says analyst

    Published on Dec 07, 2012

    By Melissa Tan


    A RESIDENTIAL site for an executive condominium (EC) in Punggol East, next to Flo Residence condo, has drawn a record bid for a Punggol EC site in a seven-way contest.

    The top bid of $351 per sq ft per plot ratio (psf ppr) exceeded those for more centrally located EC sites in Punggol.

    "This shows that EC land prices are trending up," said Mr Ong Teck Hui, Jones Lang LaSalle Real Estate's national director of research and consultancy. "Optimism in the EC sales market has led to increased interest in EC sites among developers and a willingness to bid more enthusiastically for them."

    The top bid of $162.1 million came from Sing Holdings. Translating to $351 psf ppr, this price easily trumped the $270 to $329 psf ppr range that analysts had predicted when the tender opened in mid-October.

    It was nearly 9 per cent higher than the second highest bid of $148.9 million submitted by boutique property developer JBE Holdings.

    Most of the other tenders were between $141 million and $144 million. Other bidders included Frasers Centrepoint unit FCL Place, Qingjian Realty and Bellevue Properties, a unit under City Developments that was incorporated on Nov 19. The lowest bid was $138.8 million from Chip Eng Seng unit CEL Property.

    The 14,306.9 sq m site in Punggol Field Walk has a maximum gross floor area of 42,920.7 sq m and could yield 435 units. Analysts said this record bid for an EC site in Punggol indicated a trend of rising EC land prices.

    The site is more than 2km away from Punggol MRT station and town centre, but the bid price was still higher than those for two closer sites.

    One is an EC site in Punggol Way/Punggol Walk which fetched $314 psf ppr in September and went to Qingjian Realty. The other is the Waterbay EC site which garnered a top bid of $320 psf ppr in March.

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    Default S$162.1m top bid for Punggol EC site

    http://www.todayonline.com/Business/Property/EDC121207-0000064/S$162,1m-top-bid-for-Punggol-EC-site

    S$162.1m top bid for Punggol EC site

    04:46 AM Dec 07, 2012


    SINGAPORE - The tender for an Executive Condominium (EC) site in Punggol garnered seven bids at the close yesterday, with Sing Holdings submitting the top bid of S$162.1 million, the Housing and Development Board (HDB) said.

    The 99-year leasehold site at Punggol Field Walk/Punggol East occupies a land area of 153,998 sq ft. With a plot ratio of 3.0, it has a maximum gross floor area of 461,994 sq ft and can be developed into about 435 homes.

    Sing Holdings' top bid translates to S$350.87 per sq feet per plot ratio, beating the second-best bid from JBE Holdings by 8.9 per cent.

    Analyst said demand for ECs should remain healthy despite more housing options. Mr Eugene Lim, Key Executive Officer at ERA Realty Network, said earlier that upgraders pursuing a condominium lifestyle at more affordable prices would continue to be attracted to ECs. The HDB will award the tender at a later date.

  4. #4
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    if this ulu EC can cost 350psf ... EC close to MRT will be 450psf liao ... expect 1000psf EC near MRT
    Ride at your own risk !!!

  5. #5
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    Quote Originally Posted by phantom_opera
    if this ulu EC can cost 350psf ... EC close to MRT will be 450psf liao ... expect 1000psf EC near MRT
    It's within URA/HDB control, they are v unlikely to put up plots near mrt as EC rather than PC.

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    Government really know how to make money from land sales.....

    In the name of free market, private developers buy PC land.

    In the name of the people, private developers buy EC land.

    Good times make, bad times also make.

    Risk on, Risk off, government make.

    In summary, push the debt to the public.......

  7. #7
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    Quote Originally Posted by solsys
    Government really know how to make money from land sales.....

    In the name of free market, private developers buy PC land.

    In the name of the people, private developers buy EC land.

    Good times make, bad times also make.

    Risk on, Risk off, government make.

    In summary, push the debt to the public.......
    that's why we have the best government in the world.

  8. #8
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    Interestingly, its Sing Holdings who won the bid, instead of the other developers that have ECs in their portfolios (e.g. Frasers, Qingjian)

    Think its their first mass market residential project. Personally feel that Sing Holdings' bid price is too high - its nearly 9% higher than the next highest bid.

  9. #9
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    Quote Originally Posted by phantom_opera
    if this ulu EC can cost 350psf ... EC close to MRT will be 450psf liao ... expect 1000psf EC near MRT
    who still wants the income ceiling to be raised again? heh heh.

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